Baird Investment Banking Pitch Book

SERIES B UNIT MECHANICS UNDER CONTEMPLATED TRANSACTIONS ($ and units in millions, except per unit data) H ■ AMGP Acquisition of AM Assumes 100% equity and an illustrative 15% acquisition premium AM unit price: $24.71 / AMGP unit price: $15.68 Series B units converted at the market cap for pro forma AMGP AMGP shares issued to AM: 340.2 AMGP shares issued to AR: 179.2 AMGP shares issued to AM public: 161.1 Pre-Conversion of Series B AMGP Pro Forma Units O/S AMGP Share Price AMGP Pro Forma Market Cap Conversion of Series B AMGP Pro Forma Market Cap Less: Benchmark Series B Pool AR Series B Equity Value (6.0%) AMGP Shares Issued to Series B Management / Sponsors Public Total Pro Forma Ownership AR 27% 73% 100% AM 53% 47% 100% 526.4 $15.68 $8,253 67% 33% 100% $8,253 (2,000) $6,253 $375 23.9 AMGP PF AMGP 33% 27% 40% 100% Pre-Conversion of Series B AMGP Shares O/S AMGP Share Price AR AM Acquisition of AMGP IDRS AMGP eliminates AM's IDRS in exchange for AM units Assumes 100% equity and an illustrative 15% acquisition premium AM unit price: $24.71 / AMGP unit price: $15.68 Series B units converted at the market cap of stand-alone AMGP AM shares issued to AMGP: 135.9 AMGP Market Cap Conversion of Series B AMGP Market Cap Less: Benchmark Series B Pool Series B Equity Value (6.0%) AMGP Shares Issued to Series B Management / Sponsors Public AMGP Total Pro Forma Ownership AR 27% 73% Confidential 100% AM 53% 47% 100% AMGP 67% 33% BAIRD 100% 186.2 $15.68 $2,919 $2,919 (2,000) $919 $55 3.5 PF AM 31% 27% 42% 100% Project Bronco | Page 11

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